Sunday, September 06
Mumbai: High-risk takers eyeing a contra play for their equity portfolio can consider betting on the Nifty IT index fund. With the IT index underperforming the broader markets in recent times, it offers an attractive entry point for investors, said fund managers. "The sector has been facing several headwinds such as AI impacting the business models of Indian IT, H-1B Visa issue, HIRE act and its impact on outsourcing, slowdown in the US macro and corporate IT spends and GCCs taking away share from Indian IT," says Viraj Kulkarni, vice-president - equity, Bandhan AMC. All these worries have led to the Nifty IT index being one of the worst performers over the last one year, losing 19.6% from its December 2024 highs. Over the last one year, it has lost 11.7% compared with the broad Nifty 50,
Mumbai: India's equity indices rose on Thursday and came within striking distance of the record high as investor sentiment got a boost after the government indicated the trade pact with the US is nearing completion. The Nifty rose above the current all-time closing high during the session, but the rally fizzled out at close. The index finished at 26,192, up 0.5% or 139 points. Its record closing level is 26,216, hit on September 26, 2024, and the all-time high is 26,277, hit a day later. The BSE Sensex ended at 85,632, 0.5% or 446 points higher. "The call writers continued to hold positions around 26200-26,400 levels, creating pressure that led to Nifty facing a hurdle to close at fresh highs," said Rajesh Palviya, head of Technical and Derivatives, Axis Securities. Investors are gauging t
